Liabilities / Assets
57th percentile
Higher debt load relative to assets than 57% of similar nonprofits.
EIN 22-2822802 • 501(c)3 • Summit, NJ
Profile
The discovery orchestra, inc. Is a not-for-profit corporation whose mission is to teach listening skills that help people deeply connect with classical music.
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
Liabilities / Assets
57th percentile
Higher debt load relative to assets than 57% of similar nonprofits.
Liabilities / Revenue
61st percentile
Higher debt load relative to revenue than 61% of similar nonprofits.
Net Margin
49th percentile
Higher net margin than 49% of similar nonprofits.
Top Officer Pay
Score unavailable
No filing with officer rows is available for this organization yet.
Asset Growth
39th percentile
Faster asset growth than 39% of similar nonprofits.
Revenue Growth
33rd percentile
Faster revenue growth than 33% of similar nonprofits.
Assets
Up$500,976
Up $14,348 (+2.9%) from 2024
Liabilities
Down$19,527
Down $2,514 (-11%) from 2024
Net Assets
Up$481,449
Up $16,862 (+3.6%) from 2024
Revenue
Up$408,264
Up $5,543 (+1.4%) from 2024
Expenses
Down$391,502
Down $20,469 (-5.0%) from 2024
Net Income
Up$16,762
Up $26,012 (+281%) from 2024
Most recent year
2025 • Form 990Detailed filing. Detailed filing data is available for this year.
The discovery orchestra, inc. Is a not-for-profit corporation whose mission is teaching listening skills that help people emotionally connect to classical music.
SEE SCHEDULE O.
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments in Publicly Traded Securities | $100,046 | $240,146 | ▲ $140,100 |
| Savings and Temporary Cash Investments | $145,502 | $145,502 | → $0 |
| Pledges and Grants Receivable | $14,680 | $23,430 | ▲ $8,750 |
| Cash and Non-Interest-Bearing Accounts | $146,679 | $19,805 | ▼ $126,874 |
| Prepaid Expenses and Deferred Charges | $28,700 | $13,524 | ▼ $15,176 |
| Land, Buildings, and Equipment, Net | $0 | $9,729 | ▲ $9,729 |
| Inventories for Sale or Use | $1,015 | $1,712 | ▲ $697 |
| Total Assets | $486,628 | $500,976 | ▲ $14,348 |
| Other Assets Total | $50,006 | $47,128 | ▼ $2,878 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $17,676 | $18,040 | ▲ $364 |
| Other Liabilities | $4,365 | $1,487 | ▼ $2,878 |
| Total Liabilities | $22,041 | $19,527 | ▼ $2,514 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $316,085 | $317,947 | ▲ $1,862 |
| Net Assets With Donor Restrictions | $148,502 | $163,502 | ▲ $15,000 |
| Total Net Assets Fund Balance | $464,587 | $481,449 | ▲ $16,862 |
| Total Liabilities and Net Assets / Fund Balance | $486,628 | $500,976 | ▲ $14,348 |
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $9,729 | $1,497 | $11,226 |
| Other Assets Org | $1,487 | - | - |
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Rick Kaller | Executive Director | FT | $76,644 | $22,513 | $99,157 |
| Virginia Johnston | Finance Director | PT | $16,950 | $4,200 | $21,150 |
| Name | Title |
|---|---|
| Susan Head | President |
| B Bruce Hogg | Vice President |
| Charles R Kramer Jr | Trustee |
| Dyan Bryson | Trustee |
| Nadya Geniush | Trustee |
| Sandra Braddy-hall | Trustee |
| John Wargacki | Secretary |
| David a Williams CPA | Treasurer |
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $269,375 |
| Other Expenses | $122,127 |
| Total Fundraising Expense | $67,269 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $78,467 | $25,346 | $17,459 | $121,272 |
| Current Officers, Directors, Trustees, and Key Employees | $75,930 | $26,502 | $17,370 | $119,802 |
| Fees for Services Other | $15,170 | $2,730 | $14,700 | $32,600 |
| Payroll Taxes | $10,525 | $3,676 | $2,506 | $16,707 |
| Insurance | $8,018 | $8,090 | - | $16,108 |
| Advertising | $11,344 | - | $815 | $12,159 |
| Fees for Services Accounting | $600 | $10,500 | $600 | $11,700 |
| Other Employee Benefits | $4,561 | $2,060 | $1,811 | $8,432 |
| All Other Expenses | $5,010 | $1,393 | $2,022 | $8,425 |
| Office Expenses | $2,264 | $1,793 | $1,064 | $5,121 |
| Occupancy | $3,640 | $660 | $450 | $4,750 |
| Other Expenses | $1,157 | $1,312 | $1,551 | $4,020 |
| Pension Plan Contributions | $1,820 | $822 | $520 | $3,162 |
| Depreciation Depletion | $943 | $330 | $224 | $1,497 |
| Travel | $259 | - | - | $259 |
| Total Functional Expenses | $237,186 | $87,047 | $67,269 | $391,502 |
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $391,502 |
| Total Expenses per Audited Statements | $391,502 |
| Total Expenses per Form 990 | $391,502 |
| Expenses Not Reported on Financial Statements | $0 |
| Expenses Not Reported on Form 990 | $0 |
| Line Item | Amount |
|---|---|
| Fundraising Direct Expenses | $16,291 |
| Fundraising Gross Income | $16,291 |
| Professional Fundraising Fees | $0 |
| Event | Gross Receipts | Gross Revenue | Direct Expenses | Net Income |
|---|---|---|---|---|
| Gala | $60,300 | $16,291 | $183 | $16,108 |
| Total Events | $60,300 | $16,291 | $16,291 | $0 |
| Liability | Amount |
|---|---|
| Operating Lease Liability | $1,487 |
“The discovery orchestra, inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is provided to the members of the organization's governing body for any comments prior to its submission. The governing body is provided with a reasonable amount of time to review the form 990. Any comments are then grouped, summarized and provided through management to the outside accounting firm. Any applicable issues are addressed prior to the return being finalized and approved for filing.”
“The organization requires annual conflict of interest statements from all covered members. The organization's conflict of interest policy covers all staff and members of the board of trustees. Should any potential conflict of interest issue arise, appropriate staff and trustees act upon the issue on a timely and reasonable basis to resolve the matter.”
“The organization has a "board review of compensation committee" that reviews the compensation data each spring, then recommends compensation packages for the executive director and artistic director for full board approval.”
“The governing documents, conflict of interest policy and financial statements are always available to the public at the discovery orchestra inc.'s office located at 120 morris avenue, summit, nj 07901 or by request. In addition the 990 is posted on the organization's website www.discoveryorchestra.org as well as guidestar.org.”
“The discovery orchestra, inc. ("tdo") is a not-for-profit corporation whose mission isteaching the listening skills that help people deeply connect with classical music. For more than 25 years, artistic director george marriner maull and tdo have offered interactiveclassical music experiences to students, teachers, and the general public, from classical fans to the classical-curious, to help them "listen better." live programs in concert halls,schools, and community centers supplement media programs on public television, radio,dvds, and the internet. All programs employ the methodology of noticing musical detail toheighten enjoyment and understanding of the pieces being explored. Tdo has received three emmy nominations and eleven telly awards for its six public television programs, distributed by american public television. Apt re-released two of tdo's television programs, discover vivaldi's four seasons and the 8-part fall in love with music series, in may 2022. A year later, tdo's most recent program, discover saint-saensorgan" symphony, was completed and also began national distribution. In january 2024, tdo's popular discover beethoven's 5th was re-released for a three-year distribution cycle. Collectively throughout fiscal year 2025, there were 253 broadcasts of these four programs on 49 channels across 15 states, with each program reaching an average potential national audience of over 58 million households. Tdo's television programs and short-form videos are also distributed to the educational marketplace by films media group and to the home streaming market via pbs passport and amazon prime video. Fiscal year 2025 saw the continuation of tdo's public radio program, inside music, produced in partnership with wwfm--the classical network. Tdo's video/podcast series notes from under the piano, plus its ever-popular discovery chat videos, resulted in more than 23,000 views on youtube. In addition, tdo's game app aha! Classical, developed in partnership with social impact studios, had more than 17,000 downloads across the apple and google play app stores. This free game allows players of all ages and skill levels to learn about, interact with, and practice listening skills through classical music. Live public performance events in new jersey during the 2024-25 season reached 516 attendees at venues including historic beacon church in summit, the kellogg mansion in morristown, grace church in newark, princeton seminary chapel in princeton, and grace episcopal church in madison.tdo's community engagement programs for local music student and senior groups continued in both live and virtual settings. Twelve of these programs, reaching an additional 854 participants, were held with tdo's educational partners in six nj counties, including the keys 2 success piano program in newark, the patricia m. Noonan elementary school (ps #26) in jersey city, frelinghuysen middle school with the links inc. (morris county chapter) and their rhythms for life program in morristown, monmouth county library in shrewsbury, warrenbrook seniors in warren township, and new providence seniors in new providence. This reflects an 85% increase in community engagement participants from fy24. Comments from our audience members and community program participants include the following: "perfect event! Everyone loved the piece and appreciated the multi-media format in which it was presented." -- attendee at the october 2024 discover symphonic masterworks with the maestro program "thank you so much for coming to perform and present at our center. The music was beautiful and the additional information you provided was enlightening. We all truly enjoyed the experience. Many of the seniors have sought me out to express their gratitude for this program." -- beth conti, program coordinator at the decorso community center in new providence, following the november 2024 program "thank you all for a really great program today! Everyone seemed to be having so much fun esp”
“There has been no change from the prior year.”
“This figure includes five regular staff members, musicians paid for the re-release of our "discover beethoven's 5th" television show on american public television, and other musicians who performed at live events during 2024.”
“Tdo is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code and is thereby exempt from federal income taxes on related income pursuant to section 501(a) of the code. Tdo is also exempt under title 15 of the state of new jersey corporations and associations not for profit act. Accordingly, no provision for federal or state income taxes has been presented in the accompanying financial statements. Management has stated that all required informational tax returns have been filed and registration fees have been paid. Tdo follows the provisions of fasb asc, income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition as they relate to those positions. Tdo does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the year ended june 30, 2025. However, tdo is subject to regular audit by tax authorities including a review of its nonprofit status, which management believes would be upheld upon examination. Tdo believes that it has appropriate support for the positions taken on its tax returns. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued each year. As required by law, tdo files informational returns with both federal and new jersey state governments on an annual basis - form 990 with the internal revenue service, and form cri- 300r with the state. Tdo is subject to examinations at any time within certain statutorily defined periods from the latest filing date for federal and for new jersey.”
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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|---|---|---|
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| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 18040 |
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| IRS990/ActivityOrMissionDesc | 0 | SEE SCHEDULE O. |
| IRS990/AdvertisingGrp/FundraisingAmt | 0 | 815 |
| IRS990/AdvertisingGrp/ProgramServicesAmt | 0 | 11344 |
| IRS990/AdvertisingGrp/TotalAmt | 0 | 12159 |
| IRS990/AllOtherContributionsAmt | 0 | 252048 |
| IRS990/AllOtherExpensesGrp/FundraisingAmt | 0 | 2022 |
| IRS990/AllOtherExpensesGrp/ManagementAndGeneralAmt | 0 | 1393 |
| IRS990/AllOtherExpensesGrp/ProgramServicesAmt | 0 | 5010 |
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| IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1Txt | 0 | VIRGINIA JOHNSTON |
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| IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | 120 MORRIS AVENUE |
| IRS990/BooksInCareOfDetail/USAddress/CityNm | 0 | SUMMIT |
| IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd | 0 | NJ |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 07901 |
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| IRS990/CashNonInterestBearingGrp/EOYAmt | 0 | 19805 |
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| IRS990/CompCurrentOfcrDirectorsGrp/ManagementAndGeneralAmt | 0 | 26502 |
| IRS990/CompCurrentOfcrDirectorsGrp/ProgramServicesAmt | 0 | 75930 |
| IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt | 0 | 119802 |
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| IRS990/ContriRptFundraisingEventAmt | 0 | 44009 |
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| IRS990/CYGrantsAndSimilarPaidAmt | 0 | 0 |
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| IRS990/CYOtherExpensesAmt | 0 | 122127 |
| IRS990/CYOtherRevenueAmt | 0 | 2538 |
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| IRS990/CYRevenuesLessExpensesAmt | 0 | 16762 |
| IRS990/CYSalariesCompEmpBnftPaidAmt | 0 | 269375 |
| IRS990/CYTotalExpensesAmt | 0 | 391502 |
| IRS990/CYTotalFundraisingExpenseAmt | 0 | 67269 |
| IRS990/CYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/CYTotalRevenueAmt | 0 | 408264 |
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| IRS990/DepreciationDepletionGrp/ManagementAndGeneralAmt | 0 | 330 |
| IRS990/DepreciationDepletionGrp/ProgramServicesAmt | 0 | 943 |
| IRS990/DepreciationDepletionGrp/TotalAmt | 0 | 1497 |
| IRS990/Desc | 0 | 1. MEDIA PROGRAM PRODUCTION, DISTRIBUTION AND PROMOTION - CONSIDERABLE STAFF TIME WAS SPENT CREATING, DISTRIBUTING AND/OR PROMOTING: 1) REGULAR EPISODES (AS WELL AS ONE LIVE BROADCAST IN MARCH 2025 FEATURING WOMEN PERFORMERS/COMPOSER FOR WOMEN'S HISTORY MONTH) OF OUR TWICE-MONTHLY RADIO PROGRAM, "INSIDE MUSIC", IN PARTNERSHIP WITH WWFM-THE CLASSICAL NETWORK IN NEW JERSEY; 2) CONTINUING NATIONAL DISTRIBUTION OF OUR "DISCOVER SAINT-SAENS ORGAN' SYMPHONY", "DISCOVER BEETHOVEN'S 5TH", "DISCOVER VIVALDI'S FOUR SEASONS AND "FALL IN LOVE WITH MUSIC" PUBLIC TELEVISION PROGRAMS; 3) STATION RELATIONS PROMOTION WITH A CONSULTING TEAM FROM AMERICAN PUBLIC TELEVISION TO SECURE ADDITIONAL BROADCASTS OF THESE FOUR PUBLIC TELEVISION PROGRAMS IN DISTRIBUTION; AND 4) THE RELEASE AND PROMOTION OF FOUR ADDITIONAL QUEST MODULES FOR USERS OF OUR GAME APP, "AHA! CLASSICAL". ADDITIONALLY, THE FOUR PUBLIC TELEVISION PROGRAMS WERE AVAILABLE ON THE PBS PASSPORT STREAMING PLATFORM. PAST DIGITAL PROGRAMS CONTINUED BEING DISTRIBUTED ON THE FILMS MEDIA GROUP AND AMAZON PRIME VIDEO PLATFORMS, AS WELL AS INTERNATIONALLY THROUGH AMERICAN PUBLIC TELEVISION WORLDWIDE. SOME ROYALTIES AND STREAMING SALES RESULTED FROM THIS DISTRIBUTION. THERE WERE ALSO SOME SALES OF DVD'S OF PAST TELEVISION SHOWS. |
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| IRS990/DisregardedEntityInd | 0 | 0 |
| IRS990/DocumentRetentionPolicyInd | 0 | 1 |
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| IRS990/DonorRestrictionNetAssetsGrp/EOYAmt | 0 | 163502 |
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| IRS990/EmploymentTaxReturnsFiledInd | 0 | 1 |
| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
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| IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt | 0 | 10500 |
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| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 11700 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 6 | 1.00 |
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| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | DAVID A WILLIAMS CPA |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | NADYA GENIUSH |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 3 | CHARLES R KRAMER JR |
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| IRS990/Form990PartVIISectionAGrp/PersonNm | 5 | B BRUCE HOGG |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 6 | DYAN BRYSON |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 7 | SANDRA BRADDY-HALL |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 7 | 0 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 9 | 0 |
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| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | TREASURER |
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| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | TRUSTEE |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | SECRETARY |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | VICE PRESIDENT |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | TRUSTEE |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | TRUSTEE |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | FINANCE DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 9 | EXECUTIVE DIRECTOR |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 1987 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 1 |
| IRS990/FundraisingAmt | 0 | 44009 |
| IRS990/FundraisingDirectExpensesAmt | 0 | 16291 |
| IRS990/FundraisingGrossIncomeAmt | 0 | 16291 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 8 |
| IRS990/GovernmentGrantsAmt | 0 | 93720 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
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| IRS990/MissionDesc | 0 | THE DISCOVERY ORCHESTRA, INC. IS A NOT-FOR-PROFIT CORPORATION WHOSE MISSION IS TO TEACH LISTENING SKILLS THAT HELP PEOPLE DEEPLY CONNECT WITH CLASSICAL MUSIC. |
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| IRS990/PrincipalOfficerNm | 0 | RICK KALLER |
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| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | 2. COMMUNITY ENGAGEMENT - WE PARTNERED WITH 8 LOCAL STUDENT AND SENIOR ORGANIZATIONS TO PROVIDE EDUCATIONAL MUSIC LISTENING PROGRAMS. DURING THE FISCAL YEAR, THERE WERE 12 IN-PERSON SESSIONS PRESENTED AT THE PARTNER ORGANIZATIONS' LOCATIONS. ON MARCH 6, 2025, TWO OF THESE SESSIONS WERE HELD AT THE FRELINGHUYSEN MIDDLE SCHOOL IN MORRISTOWN AS PART OF A SPECIAL A CROSS-CURRICULAR PRESENTATION ENTITLED "MATH AND MUSIC." THE PROGRAM FOCUSED ON STEM LEARNING OBJECTIVES FOR THE GRADES 6-8 AUDIENCE OF BAND, ORCHESTRA, AND STEM-PROGRAM STUDENTS AND FEATURED MIGUEL DEL AGUILA'S HIGHLY RHYTHMIC PRESTO NO. 2. TOGETHER, ALL OF THESE SESSIONS REACHED 854 PEOPLE. WE ALSO PROVIDED TRANSPORTATION FOR TWO OF THESE COMMUNITY ORGANIZATIONS TO ATTEND OUR OCTOBER 2024 "DISCOVER MASTERWORKS" PROGRAM. |
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| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | 3. "DISCOVER ANGELITOS NEGROS" - THIS SPECIAL COLLABORATION WITH RENOWNED PIANIST/COMPOSER PATRICIO MOLINA AND THE MANHATTAN OPERA REPERTORY ENSEMBLE (MORE OPERA) - LED BY FOUNDER AND SOPRANO CHERYL WARFIELD - FEATURED A VARIED REPERTOIRE OF SONG, FOLK MUSIC, OPERA AND SPIRITUALS FROM THE MUSICAL TRADITIONS OF BLACK AND LATINO CULTURES. PRESENTED ON FEBRUARY 23, 2025 IN CELEBRATION OF BLACK HISTORY MONTH AT BEAUTIFUL GRACE EPISCOPAL CHURCH IN NEWARK, NJ, THE PROGRAM ALSO FEATURED A SPECIAL EDUCATIONAL EXPLORATION BY MAESTRO GEORGE MARRINER MAULL. OVER 100 PEOPLE WERE IN ATTENDANCE. |
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| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 0 | MUSICIANS FEES AND OTHER DIRECT EXPENSES, PLUS PRORATED STAFF TIME/OFFICE EXPENSES TO PRODUCE AND PRESENT OUR "DISCOVER JAZZ FOR THE HOLIDAYS" INTIMATE CHAMBER MUSIC RECITAL, AND OUR "SEASON KICK-OFF" EVENT. |
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| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | TDO IS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS THEREBY EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. TDO IS ALSO EXEMPT UNDER TITLE 15 OF THE STATE OF NEW JERSEY CORPORATIONS AND ASSOCIATIONS NOT FOR PROFIT ACT. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. MANAGEMENT HAS STATED THAT ALL REQUIRED INFORMATIONAL TAX RETURNS HAVE BEEN FILED AND REGISTRATION FEES HAVE BEEN PAID. TDO FOLLOWS THE PROVISIONS OF FASB ASC, INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION AS THEY RELATE TO THOSE POSITIONS. TDO DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE YEAR ENDED JUNE 30, 2025. HOWEVER, TDO IS SUBJECT TO REGULAR AUDIT BY TAX AUTHORITIES INCLUDING A REVIEW OF ITS NONPROFIT STATUS, WHICH MANAGEMENT BELIEVES WOULD BE UPHELD UPON EXAMINATION. TDO BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED EACH YEAR. AS REQUIRED BY LAW, TDO FILES INFORMATIONAL RETURNS WITH BOTH FEDERAL AND NEW JERSEY STATE GOVERNMENTS ON AN ANNUAL BASIS - FORM 990 WITH THE INTERNAL REVENUE SERVICE, AND FORM CRI- 300R WITH THE STATE. TDO IS SUBJECT TO EXAMINATIONS AT ANY TIME WITHIN CERTAIN STATUTORILY DEFINED PERIODS FROM THE LATEST FILING DATE FOR FEDERAL AND FOR NEW JERSEY. |
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